New custodian requirements are causing headaches for some retirement investors and are causing them to look elsewhere. Investors that have their retirement accounts at some of the common publicly traded custodians are being told that they can no longer hold private investments under certain thresholds.
The biggest challenge is that these custodians are no longer holding private investment opportunities for under $1M. For investors with smaller accounts that choose to remain with these certain custodians, they will no longer have the option to put their money into private investments. Assets such as real estate, notes, and private entities could all be eliminated from the list of possible investment options.
How Can a Self-Directed IRA Help?
Self-directed IRAs could be the answer to the problem. With a self-directed IRA, you have the ability to diversify your investment portfolio by choosing from the broadest possible spectrum of investments, including those not traded on a stock exchange, and you’ll never have to worry about investment minimums or maximums. Self-direction means you get to make all the decisions about your financial future, and your custodian will provide account administration. Remember! Not all custodians are created equal!
You can build wealth faster with the freedom to purchase almost any type of investment. Common investment choices include all types of real estate, newly created and existing promissory notes, LLCs, limited partnerships, private stock, trusts, oil and gas, tax liens, and much more. All types of IRAs, including Traditional, Roth, SEP, and SIMPLE IRAs, as well as Coverdell Education Savings Accounts (CESAs) and Health Savings Accounts (HSAs), can be self-directed.
Why Self-Directed at Quest?
Quest Trust Company is the nation’s premier self-directed IRA custodian, administering clients all across the U.S. Not only do we provide world famous account administration and customer service, we put a big focus on education and making sure our clients are equipped with all the knowledge and resources they may need. In our Education Center, you can experience live webinars, blogs, recorded videos, and more. In addition, we’re always adding the the latest online features, allowing you to fund investments online within 24-48 hours – one of the fastest funding times in the industry!
Benefits of Self-Directing Your IRA at Quest:
Ability to view and manage accounts & investments online in the Client Portal
Submit investments and yearly Fair Market Valuations 100% online
Pay expenses with our team or online with the Expense Pay Feature
24-48 hour processing times for almost all request involving accounts
Access to 35 Certified IRA Services Professionals and endless continued education
Here’s How We Can Help
For those that have a larger IRA and still want to participate in private assets, Quest can help. If you are looking for a qualified and knowledge custodian to place your private assets or start new private entity investments, call an IRA Specialists to see how we can make your move to Quest.
It’s no secret that people choose self-directed IRAs because of the many benefits they offer, like reducing taxes and providing options for alternative investments. They are also very powerful accounts for real estate investors, as they allow the possibility for utilizing creative investment strategies.
What is Partnering?
One of the great features of self-directed IRAs is that they don’t have to be used only on their own. Self-directed IRAs can work together by using a beneficial strategy called “partnering”. This term is used when one entity (or more) and an IRA come together to put up the funds for an investment.
In this strategy, all parties have a vested percentage of ownership in the deal. When doing this, the percentage of ownership is decided at the beginning of the investment and must remain the same throughout the life of the investment. This means that any profit the investment receives is returned based on this percentage of ownership. Additionally, the IRA would be responsible for its percentage of any expense associated with the investment, too.
Who does Partnering work for?
Partnering is a great strategy for a variety of people. For investors who are just getting started, partnering allows the chance to participate. Even having only a small percentage of a total investment allows a small dollar IRA to gradually grow. Oftentimes, Coverdell Education Savings Accounts (ESAs) and other small dollar accounts will partner together to purchase an investment.
There are also many occasions when a good deal is available, but an investor doesn’t have enough money in their IRA to make up the total cost of the purchase. Being able to partner with another IRA account they may have or another money partner provides the ability to purchase the investment after all.
It is also beneficial for account holders that have multiple IRAs. For those who want to utilize all of their accounts at once, this is a great way to have all accounts involved in one deal. Over all, partnering provides more possibilities for accounts to be involved in deals when they may not have been able to before.
Who can your IRA Partner with?
Not only can one or multiple accounts be partnered together on investments, self-directed IRAs can also partner with personal funds. When partnering with personal funds, your IRA has a percentage of ownership and you do, too. This is not to be confused with doing a transaction with yourself. Keep in mind that when partnering with a disqualified person, the percentage of ownership is decided at the time of purchase and must remain the same throughout the life of the investment.
Knowing what you can do is great, but it’s even more important to know what you and your IRA can and cannot do. If you haven’t heard about disqualified people and prohibited transactions, it’s important to know these terms to better understand how partnering is different. Disqualified people are certain people or entities that your IRA is not allowed to transact business with, and it’s important to understand who they are before entering into any deals to avoid doing a prohibited transaction.
Being able to combine funds with other investors and IRAs opens a door to a whole new world of possibilities, and understanding how to partner accounts will allow more investors to grow their accounts faster. For more information on partnering or how to maximize all of your self-directed IRAs, give an IRA Specialist a call at 855-FUN-IRAs (855.386.4727). To learn more about how to get started investing with a self-directed IRA, schedule a 1-on-1 consultation with an IRA Specialist by clicking HERE.
After years of diminishing returns on the stock market, more and more financially savvy people are looking towards alternative investments. But what are alternative investments?
Strictly speaking, these are any investment assets which fall outside of the scope of “traditional” investments such as stocks and bonds. They benefit from being less restricted, allowing investors to choose what, when, and how they invest.
By 2023, it is estimated that the alternative investments market will hit a whopping $14 trillion in size, as more and more people seek to avoid the restraints and disappointing returns of conventional investments.
If you’re looking to invest outside the box, here is a list of alternative investments that you absolutely need to consider in 2020.
1. Venture Capital
One of the most popular options for alternative investment funds in 2020 is venture capital or VC. This is essentially when you use your money to invest in a growing company that has long-term potential.
By providing venture capital to a company, you stand to profit from the future growth of that company. This is why Silicon Valley is the world’s epicenter for VC funding, owing to the high number of “unicorn” startups that are based there.
2. Real Estate
By some measures, real estate is the most popular asset class in the world. In times of market turmoil, real estate has historically proven to be a sound investment. With the right knowledge of high-growth real estate markets, you could yield considerable returns by investing in real estate.
To do so, you could switch out your traditional IRA with a Self-Directed IRA, which removes the restrictions placed on traditional IRAs to allow you to invest in real estate for your retirement. Alternative real estate investment comes in all shapes and sizes, so do your research before committing.
The commodities market is vast and incredibly diverse. This means that you should always consult commodities experts before you consider dipping your toe into this oftentimes volatile market.
Popular commodities include oil, gold, coffee, and steel, and are usually traded on futures markets. If you play your cards right and open a commodities contract at the right time, you could make a substantial profit.
4. Private Equity
Private equity is a cornerstone of alternative investment management. In a nutshell, this involves investing in companies that are not publicly traded. This is usually about playing the long game, as you will have to wait for the private equity fund you have invested in to sell your holdings, either as part of an IPO or as a merger or takeover. This can easily take several years, but the returns can be substantial.
Self-Directed IRA: A Vehicle for Alternative Investments
No matter what kind of alternative investments appeal to you, it is important to have access to the funding vehicles that actually allow you to make those investments. One effective way to do this is with a self-directed IRA.
Traditional IRAs have strict limitations on how the money in it can be invested. However, a self-directed IRA gives you the power to control how you invest in your future. To learn more about how to get started investing with a self-directed IRA, schedule a 1-on-1 consultation with an IRA Specialist by clicking HERE.
If you’ve ever wanted to start a retirement account that gives you flexibility and greater oversight, a self-directed individual retirement account (IRA) is the way to go.
A self-directed IRA not only allows you to choose your investments, but it gives you the ability to invest in a wider range of assets, such as real estate.
However, to do this, you’ll need to find a self-directed IRA custodian. And not just any IRA custodian – ideally, you’ll be choosing someone who you can trust to make sure your money is safe.
This article will provide you with a detailed guide on how to find the most suitable IRA custodian.
What is a Self-Directed IRA Custodian?
Self-directed IRA custodians are banks, financial institutions, or trust companies who will maintain your account on your behalf. With self-directed IRAs, most of the responsibilities involved with investing goes to the investor, so this is where you’ll have more flexibility. At the same time, since the custodians will not be evaluating your investment choices, there is a greater risk of choosing fraudulent investment options.
Choosing A Custodian
The fact that self-directed IRAs can be risky is why choosing the right custodian becomes important. There are a handful of companies and institutions that offer this service, but if they’re not as aware of your investment wishes, they may not be the best fit for you.
Here are the factors to consider when choosing the ideal self-directed IRA custodian.
1. Make Sure They’re Approved
The IRS has a list of approved nonbank trustees and custodians that they regularly update. Choosing an approved custodian can give you peace of mind because you’ll know that they’re following government regulations when holding on to your account.
2. Are They Experienced in Your Area?
While some custodians are more general in providing their services, others specialize according to the area of investment. For example, if you are investing in real estate, having a real estate custodian to assist you in understanding your accounts and assets will be beneficial.
You will rely on the expertise of your custodian if you are new to investing or if your investment area is highly niche. They will be the ones to ensure that your documents and investments are IRS-approved.
3. How Are They Charging You?
Before you choose a custodian, find out the fee structure that they’ll be using. Different custodians bill differently, with some charging based on services and others based on flat fees.
Make sure you know the sort of payment they’ll expect, and how much it will cost you every year. If you need to, ask a lot of questions to clarify this and ensure that you’re not paying more than you should.
Self-Directed IRA Carries Risks
Holding a self-directed IRA does involve more awareness on your part because it is riskier. This is why you’ll have to be the one doing the leg work and conducting the due diligence on investment options. It’s also why choosing a trustworthy self-directed IRA custodian can give you one less thing to worry about.
To learn more about how to get started investing with a self-directed IRA, schedule a 1-on-1 consultation with an IRA Specialist by clicking HERE.
When you leave your job, one of the things you will have to consider is what you will want to do with your old 401(k). A common option is to roll it over into an IRA at a custodian who can help invest your money in publicly traded investments. For some people, this is great. However, for those who want to take true control of the hard-earned money they have been saving and have the options to diversify their investment portfolio… they take a different route. Moving your old 401(k) into a Self-Directed IRA, like the accounts we have at Quest, allow investors the option to put their money in alternative investments and privately held assets. Even for those who may already be investing an IRA and do not have a 401(k) anymore, your investment options expand whenever you perform a rollover or transfer into truly self-directed IRA.
What Account Do I Move My Money To?
Moving your money between accounts might seem like a daunting task at first, but we’ve broken it down to explain the way retirement accounts move. One of the first couple of things you will want to ask yourself are “What type of self-directed account do I want to have?” and “What type of account do I currently have?” Asking yourself these two questions will help you make sure you move your funds to the correct self-directed accounts. Not all IRA accounts have the same tax benefits, and it is very important to remember what tax advantages each account has, that way you can always do your best to accurately move your funds to the correct account, keeping the taxes the same. This eliminates tax reporting you could create for yourself and ensures the smoothest movement from one custodian or entity to another.
So, what’s the actual difference between a rollover and a transfer?
How do you know when to initiate a transfer or when to do a rollover? These terms often get confused and misused, but they have very certain traits that define the type of movement they perform. It’s important to know the difference between the two, also. The most distinguishable difference is that an IRA transfer occurs when you move funds between like accounts or one IRA to another IRA, for example Traditional IRA to Traditional or Roth IRA to Roth IRA. If you want to move money between two different types of retirement accounts, for example a 401(k) to IRA, that’s would be considered a rollover. Rollovers between IRAs can be done, but certain rules are attached when this movement occurs.
IRA to IRA rollovers can occur, but it’s very important to be aware of the rules. Often times, custodian processing times can vary anywhere from a couple of days to weeks; this will depend on your current IRA custodian’s transfer procedures. If you don’t want to wait on a custodian to go through the transfer process, you do have the option to do what is called a “60 day rollover”, meaning you have 60 days from when you get the funds to put the funds back into an IRA account In this scenario, the funds are sent to you and you are responsible for putting them into a retirement account. Whatever portion is not rolled back into an IRA will generally be taxable and subject to a 10% penalty. You are limited to doing only 1 of these IRA to IRA rollovers per year, and if you exceed this number, the second rollover is then treated as an excess contribution.
There are other characteristics that define the two, and rollovers have certain rules that must be followed. This chart outlines the common characteristics of a Transfer vs a Rollover.
How do I initiate a transfer/rollover?
Now that you know the difference between the two and have decided which is going to be the best for you and your account, you can begin moving your funds. To initiate a transfer, you will want to complete your receiving custodian’s Transfer Form by printing and sending back a completed copy to the office. This will allow the receiving custodian to send this off on your behalf. Some custodians will require original forms, notary or medallion stamps, and statements of your current; others will simply accept a fax. Calling your self-directed custodian can help during this process if you are unsure of a custodians requirements. Once the form is sent, the last step is to simply wait for the funds to arrive back at your new account. It is helpful in the meantime or even before, to let your current custodian know you want to liquidate your assets that way your account is in a cash state. This can eliminate rejections that can sometimes occur when transfer requests are made. Typically, within a few days or weeks, the transfer will be complete.
If you are going to be initiating a rollover, you will need to be aware that there are usually more forms for this movement, often at the former employer or custodian. Distribution paperwork from the employer you are leaving or the IRA custodian you are moving from is customary. Contacting them to provide your account number and any delivery instructions on their distribution forms will need to be done in order for this movement to occur. The custodian receiving the funds may have an internal form (like the Rollover Form) that will need to be completed for the incoming funds, but it’s important to note that this form does not initiate the actual movement. That is done by the account holder initiating the distribution/rollover request from the previous/former custodian.
If you ever have any questions or need assistance, call us at 855-FUN-IRAS and a Quest representative can help with this process. To learn more about how to get started investing with a self-directed IRA, schedule a 1-on-1 consultation with an IRA Specialist by clicking HERE.
There’s no need to be intimidated when rolling over or transferring IRA funds. From beginning to end, the process is quite seamless once you understand the different types of movements and their processes. At Quest, we have a whole department focused on the portability of your funds and can help with a transfer or rollover question you might have. If you’re ready to start moving your funds over to a self-directed account to invest, let us know how we can help with the process or simply provide more education! For more information, visit www.questtrustcompany.com .
Here is a helpful portability chart to help you decide which accounts can be move between each other!
According to statistics from the Investment Company Institute, IRAs have enjoyed a 10% growth rate each year and are now worth over $5 trillion dollars.
IRAs are a popular and effective way to save and invest money. At the same time, they are complex enough that it can be difficult to understand exactly how they work. In particular, they are often mixed up with brokerage accounts.
Read on to learn about brokerage accounts vs IRAs and better understand the difference!
Brokerage Accounts vs IRAs
One of the reasons that brokerage accounts and IRAs are so easily mixed up is because they function almost identically. In fact, if someone were to describe a brokerage account and IRA to you, you might not be able to tell which was which.
The differences between brokerage accounts and IRAs basically come down to their purpose rather than their function. IRA stands for investment retirement account, so it’s designed to grow your savings into a nest egg you can retire on. A brokerage account is also designed to grow your savings, the only difference being that the money may not be explicitly intended for retirement.
Now, you might think, if those are all the IRA and brokerage account differences, then does it really matter which one you get? Because of the different purposes of the two types of investments, they have a few different rules, so it does matter which one you choose.
How Is a Brokerage Account Different?
Brokerage accounts are about growing your wealth. People who buy them can remove their money from the account more or less at any time. This provides a lot of flexibility.
At the same time, like other ways of making money, the government takes a cut. If you profit off of a brokerage account, that profit is called “capital gains.” Your capital gains will be subject to the capital gains tax.
On top of that, brokerage account investments do not receive any tax advantages.
The Advantages of IRAs
The government wants to encourage people to prepare for their retirement. As a result, they provide several incentives to invest in IRAs.
IRA investments can be tax-free if done properly. As long as you’re not withdrawing money early, you can actually avoid paying taxes on income that you place in an IRA.
On top of that, when the time comes to withdraw your money in retirement, you won’t be taxed on it! Even though your money may have grown by a significant amount, that profit will be yours to keep.
The only downside to IRAs are that they are designed to be used in retirement. While you technically can take your retirement money out early, you’ll pay a penalty to the IRS to do so. As long as you intend to let the money sit and grow for your retirement, IRAs are the way to go!
Apply Your Knowledge of Brokerage Accounts vs IRAs
We hope you learned something helpful about brokerage accounts vs IRAs in this brief review of them. To learn more about how you can make the most out of investing in IRAs and the benefits of alternative investments, get in touch with us here. To learn more about how to get started investing with a self-directed IRA, schedule a 1-on-1 consultation with an IRA Specialist by clicking HERE.
Do you want to take more control over your retirement investment accounts? Have you been considering a self-directed IRA but worried about the rules?
You want to diversify your portfolio – outside of the traditional investment markets such as stocks and bonds. That’s where a self-directed IRA comes into play. It allows you to diversify while also keeping control of your investments yourself.
However, you need to make sure to avoid some common mistakes and pitfalls that plague many investors.
Read on to make sure that you don’t fall into these common pitfall traps.
However, instead of being administered by a bank or brokerage you instead manage the fund yourself.
Take Control Yourself
You know you need to save your money for your retirement. But it can be daunting, to say the least when you are responsible for it yourself.
When it comes to your retirement, the only person most invested in your success is yourself. Therefore, it stands to reason that you should be the one to make the final decisions regarding your investments. However, without the correct information, you can make some unfortunate mistakes in your choices
Take control of your financial future and get started with a self-directed IRA today. Contact a Quest IRA specialist and find out how we can help you take control of your retirement.
Avoid the Pitfalls of a Self-directed IRA
When you take control of your financial future with a self-directed IRA, you need to ensure to avoid these common pitfalls.
Prohibited transactions – these can be tricky to navigate so it’s important to know the rules.
Due diligence – As mentioned, the rules can be tricky, and it’s imperative that with a self-directed IRA you make the decisions yourself. Always ensure you do proper due diligence before getting into any investment.
Lack of liquidity – with a self-directed IRA minimum distributions are required at 72, however, the alternative investments allowed can be hard to sell. This lack of liquidity can be a common pitfall if you find yourself in an emergency and can’t get your money out of your self-directed IRA.
Lack of transparency – when it comes to your exit strategy for selling your alternative investments all parties involved must be in agreement. You also must be fully transparent as to the valuation of your investments. Without this full transparency, you can fall into another common pitfall of self-directed IRAs.
Lack of diversity – as most successful investors will tell you: diversity is key to successful investment accounts. However, with self-directed IRA funds, sometimes investors forget to ensure that it is fully diversified.
With a self-directed IRA, you need a trustee or custodian that specializes in these non-traditional investments. However, remember one of the common mistakes with self-directed IRA funds is the self-directed IRA owner not performing proper due diligence on investments.
So this trustee is simply a custodian of your account, not your adviser. You need to work with a company that understands the IRA rules and you can trust.
Stay Educated and Stay out of Trouble
We set up self-directed IRAs to help you prepare for your retirement. The most prepared people for retirement are those that are best educated.Keep continuing your education so you can fully prepare for the best retirement possible. For answers to your questions, contact us today. We can help you open a Quest account to get you started.
In order to live comfortably during retirement, you’ll need to start saving as soon as you can. Opening an IRA account is widely known as one of the most reliable ways to invest in your future.
There are two major ways to fund your IRA: transfers and rollovers.
Not everyone understands the difference between the two, though. Not sure where to start? Don’t worry, we’ve got you covered.
Let’s take a look at everything you need to know about IRA transfer vs rollover.
An IRA Transfer
When you move money from one IRA account to another, it’s known as a transfer. The same concept applies as when you move money between two separate checking accounts at different banks.
When you move funds from an IRA at one firm to an IRA account managed by another firm, the transfer isn’t reported to the IRS and no taxes are incurred. This is due to the fact that the money in the original IRA account never actually reached the account owner.
If the owner were to instead withdraw the funds and then reinvest them into another account, they would incur taxes upon withdrawal. There may even be tax penalties depending on why the money was taken out of the account.
An IRA Rollover
A rollover occurs when money is either moved from an IRA account to a retirement plan or from a retirement plan to an IRA account. When the money never reaches the account holder, it’s known as a direct rollover.
This type of rollover differs from a conventional transfer because it involves two different types of plans.
Although direct rollovers are reported to the IRS, they generally aren’t taxable since the money was never made payable to the account holder.
During an indirect rollover, the money is distributed to the account holder. But, it isn’t taxed if the money is reinvested in an IRA account within 60 days. This will allow the account funds to remain tax-deferred.
How Should I Prepare For One?
Above all else, it’s important to understand that a rollover will likely take a couple of weeks to complete. This is crucial for those handling indirect rollovers to keep in mind, as penalties occur after 60 days from when the funds are distributed to the account holder.
Additionally, most institutions will require you to fill out paperwork in order to begin the process. Some providers may have specific requirements regarding rollovers that may become a factor when reallocating your funds.
Knowing The Difference Between IRA Transfer Vs Rollover Can Seem Difficult
But it doesn’t have to be.
With the above information about an IRA transfer vs rollover in mind, you’ll be well on your way toward putting money away toward a peaceful retirement.
Want to learn more about how we can help? Feel free to get in touch with us today to see what we can do.
Whether it’s a Traditional IRA or a Roth IRA, a Self-Directed IRA (SDIRA), gives you all the tax advantages of an IRA with the freedom and flexibility of a wider array of investment instruments. The opportunity to take control of your financial future with greater asset diversification is one reason to invest in a self-directed IRA.
Regular IRAs allow investments in stocks, bonds, mutual funds, ETFs, and CDs.
With a self-directed IRA, your investment options increase to include real estate, tax lien certificates, private market securities, promissory notes, and other investment opportunities.
Building wealth with the tax advantages of an IRA while diversifying your retirement investment fund allows you to seek higher returns than a regular IRA.
Higher yields and less volatility are another advantage of an SDIRA.
There are restrictions on what is permissible within IRS guidelines for an SDIRA.
For example, you cannot borrow money from your SDIRA, sell the property to it, or enter into deals with relatives for it.
You should also know that your IRA custodian cannot provide investment advice.
Your IRA custodian can and should advise you of all prohibited transactions for your SDIRA.
The annual contribution limits are the same as a regular IRA: for those below the age of 50, $6000, and those older than 50, $7000. With the current and future problems with pensions, health care, Social Security, and other government programs, it is more important than ever to have a solid foundation for your financial future.
Quest Trust Company IRA Specialists can answer your questions about an SDIRA. Consider the benefits of an SDIRA with Quest Trust Company as your custodian:
While most companies have only one option for your SDIRA, Quest Trust Company offers seven.
Quest, there is no minimum cash balance.
Transaction processing can exceed over two weeks with some companies; Quest processes transactions within 24-48 hours.
Quest offers the following for FREE (Other companies charge a fee for all of the following items):
Processing Incoming Wires
Processing Incoming Checks
Change Account Type Fee
Certified Mail Fee
Paper Statement Fee
Required Minimum Cash Balance (No minimum cash balance)
Estimated reading time: 2minutesThere are different types of IRA accounts, for instance, Traditional IRA, Roth IRA, and SEP IRA. However, all IRAs have something in common. According to the Internal Revenue Service, all must have a custodian.
Who is an IRA custodian?
An IRA custodian refers to a financial institution that is responsible for holding account investments. The custodian ensures investment accounts are safely handled, and both the government and IRS regulations are followed.
There are numerous custodians in the market. While they are not hard to find, how do you single out the best IRA custodian for you? Here are essential factors to consider:
Available investment options
Always choose a custodian with a wide range of investment options.
Sometimes your investment needs may go beyond those of an ordinary IRA account. Will your custodian be able to handle that?
Your custodian should be someone you are willing to trust with most, if not, all of your investments and financial services.
Fees come in different forms; they could be annual account maintenance charges or commissions on trades.
Different custodians charge different prices. Thus, the costs depend on your custodian and account size.
Maintenance fees always depend on the custodian. So make sure you ask a potential custodian how much they charge.
Some custodians may waive the annual fee for customers whose accounts exceed a specific amount. Or depending on how much you have invested with them.
Also consider transaction costs charged when trading stocks, closed-end funds, and ETFs. Some custodians offer lower commissions than others while some impose charges on transactions for mutual fund families. In other cases, your transactions will not include any fees.
Make sure your custodian is well equipped to handle complex transactions.
While your account will start with straightforward investing like stock purchases, with time, your needs may grow and you might seek other investment opportunities.
Some investments have complex rules surrounding them. Choosing a custodian without the necessary skills to handle complex transactions may cost you a fortune in terms of penalties and taxes.
Consider the above factors in your search for the right custodian. Remember, your custodian will be in charge of your retirement savings and investments. Contact a Quest IRA Specialist for further guidance to ensure you make the right choice. At Quest Trust Company we help you take control of your retirement.
DISCLAIMER: Quest Trust Company does not render tax, legal, accounting, investment, or other professional advice. If tax, legal, accounting, investment, or other similar expert assistance is required, the services of a competent professional should be sought.